I wonder if you could use a similar sort of device with weather balloons to harvest water from clouds.
My guess is that any place with sufficient cloud coverage is already getting enough rain water to satisfy their needs.
The energy it’d take to raise and lower the material would make it cost prohibitive.
I considered that the balloons would be a balancing force but don’t forget the rope length changes as the balloons go up and down. That changing length shifts the weight around. You can’t be balance against it.